The Russian Central Bank obliterates the Russian broker industry before the holidays

The Russian Central Bank announced that it is revoking the licenses of most of the licensed Forex brokers operating on Russian soil - Alpari, TeleTrade, TrustForex, and Forex Club – due to violations of Russian law.

The Russian financial mega-regulator has backed its decision with detailed information on each company’s incompliances. The most common among them are failure to comply with CRB’s instructions, providing false accounting data or false information on its website, detected flaws in the risk management system and other violations of the Forex dealer license requirements.

Alpari, TeleTrade, TrustForex, and Forex Club are now given a one-month term to cease all operations and return deposits to their clients.

 

Those are real bucket shops.There sould`ve been more.

 

It's a complicated web of kick-backs, a mind twister of sorts. Akin to Greek envelope system

 

They barely had more cause they had licensed so very few to begin with.

 

Alpari, which lost its Russian license last month, announced that it will not be able to process payments with VISA cards in US dollars and Euro until March due to "technical issues."